Shopping Center Business is the leading monthly business magazine for the retail real estate industry.
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INSTITUTIONAL INVESTORS 102 • SHOPPING CENTER BUSINESS • December 2017 SCB : Federal Realty is one that has done a great job developing exciting properties. CARTY : Part of that is the last time we had the recession goes back 20 to 30 years and even to our previous CEO. The notion of placemaking, we brought that to our cen- ters from travel to Europe — the bench- es, the look, the feel, the landscaping. It's part of our DNA, and it has change a lit- tle bit with entertainment being added to some of the properties and theaters and other types of attractions. It's kind of who we are. We look at shopping centers as artwork. SCB : Are there projects in your portfolio that you have that you're excited about? FRYER : In our mall portfolio, we have ac- quired several of the department stores and will redevelop them with restaurant villages and residential. They're for- tress malls, so their locations are highly desirable. SENEMAN : We have a couple of mall lo- cations with Sears. We are starting to see them being more amenable to selling their building or joint venturing the redevelop- ment of their building. I think they see that their real estate is worth more than their business and there are some exciting opportunities to redevelop those stores. HOLDEN : We have an asset in Atlanta that has been curated over the last 15 years and it's one-third apparel boutiques, one-third home décor, one-third food and beverage and we have 60,000 square feet of creative office, so a really nice mix. VALERO : We have a project in Broward County that we are finalizing the entitle- ment for. It's a 240,000-square-foot shop- ping center built in 1982 on 30 acres of land, anchored by a grocery store and the- atre. Recently, the grocery store moved out and the plan that we are finalizing calls for demolishing more than half of the cen- ter, which will free up approximately 15 acres of land and allow us to develop 290 garden apartments. The end product will be mixed-use, with residential, entertain- ment and service retail. I believe we are setting up a new trend in the country and that in the future we will see many simi- lar projects that replace the excess retail space with alternative uses. HERRING : We acquired a shopping cen- ter out of bankruptcy in Ocala, Florida. It already had Dillard's, Dick's Sporting Goods, Ulta Beauty, DSW, and Barnes & Noble. We've recently opened Chico's Outlet, Talbots Outlet, and HomeGoods. We are selling a pad to a theater. We're adding a gym and a huge medical office on the second floor. Ten years ago, none of those tenants would've wanted to be in the same center. Some probably would've prohibited each other. Now, we're com- bining them all into one project and they play well together. There's a lot of synergy in ways we wouldn't have thought about even just a few years ago. SCB R A V A U D A G E W I N T E R PA R K / M A I T L A N D , F L O R I DA ( L E E R D . & 1 7 - 9 2 ) AVA I L A B L E L A N D PA R C E L S F O R M I X E D - U S E B U I L D I N G S , L U X U RY R E S I D E N T I A L , H OT E L , A N D R E S TA U R A N T S F O R M O R E I N F O R M AT I O N C A L L 4 0 7 - 6 4 4 - 3 1 5 1 O R V I S I T W W W. S Y D G A N . C O M